Dealers stay short gammaas Micron premium nears $2B.
Index gamma stayed negative after Thursday's AI-capex selloff. Semiconductors again led options premium. Tesla led non-directional DEI magnitude, while Nvidia led positive signed DEX.
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TradingFlow key statsTotal Premium
$18.0B
$23.0B prior session
Call Share
52%
61% trailing average
SPX Net GEX
−$6.6B
−$5.5B prior session
Top Premium
MU $1.9B
Calls and puts nearly even
NVDA Net DEX
+126M
Share-equivalent tilt
TSLA DEI Mag.
266
Session high
The read
A mixed rebound under persistent short gamma.
Total options premium cooled to $18.0 billion from $23.0 billion. Semiconductors led classified names with $6.8 billion, and Micron topped the symbol table at $1.99 billion.
Tesla carried the largest modeled DEI magnitude at 266. That measure describes footprint size, not direction. Nvidia separately led positive signed DEX at +126 million share equivalents.
Next watch: the July 28–29 Fed meeting, Microsoft and Meta on Wednesday, then Amazon and Apple on Thursday.